Flaherty has given "a good chunk of his life to the public sector, dedicating his time, his family time, back into the community," he said.

Flaherty became close with the Ford family when he served in the Ontario legislature with Doug Ford Sr. in the 1990s. The minister set himself apart from the Conservative caucus last spring when he stood by Toronto Mayor Rob Ford in the wake of the crack video scandal.

After Ford's confession, Flaherty became visibly upset after a reporter asked about the mayor, holding back tears as he said Ford had to "make his own decision about what he ought to do."

On Tuesday, it was Rob Ford's turn to express concern for his friend's health. Flaherty went public last year about his battle with a rare skin disorder.